WESTBOROUGH, Mass.-Paging and messaging carrier Arch Wireless Inc. reported consolidated net income of $1.7 billion for the second quarter, ended June 30, 2002. The carrier’s revenues for the second quarter totaled $200.8 million.
Arch recorded a $1.6 billion gain from the termination of its debt due to its emergence from bankruptcy in May.
Arch reported a net decline of 739,000 one-way subscribers for the quarter, and net additions of 5,000 two-way units. More than half the decrease in units came from indirect channels of distribution. The carrier counted about 7 million customers at the end of the quarter.
“We continued to experience weak demand for one-way and two-way messaging services during the second quarter,” said C. Edward Baker, Jr., Arch’s chairman and chief executive officer. “However, we are encouraged that the pace at which one-way units are declining appears to be slowing. Overall, the quarter was largely consistent with our expectations as we continued to reduce operating expenses to partially offset declining revenues.”
